The XRP Ledger played a central role in Bullish’s groundbreaking IPO, where the crypto trading platform raised an unprecedented $1.15 billion exclusively in stablecoins—a first for the U.S. public market.

Stablecoin Payments Power Public Debut

In an unprecedented move, Bullish, the digital asset exchange behind CoinDesk, confirmed that all proceeds from its recent IPO were received in stablecoins rather than traditional fiat. According to the company’s press release, most of these transactions occurred on the Solana (SOL) network using USDC (USD Coin), a top U.S. dollar-pegged stablecoin issued by Circle. Coinbase handled custody of the funds.

This event marks a significant milestone in blockchain finance, showcasing the maturity and trust surrounding stablecoins like USDC. The move echoes growing confidence in using blockchain-based assets for institutional-scale financial transactions.

Diverse Mix of Stablecoins Ensured Wider Network Reach

While USDC on Solana formed the majority of the transaction volume, Bullish also diversified its stablecoin receipts. These included euro- and dollar-backed tokens such as:

• RLUSD from Ripple, which operated on the XRP Ledger
• Circle’s EURC
• PayPal’s PYUSD
• Paxos’ USDG
• Societe Generale’s USDCV and EURCV
• World Liberty Financial’s USD1
• Agora’s AUSD
• AllUnity’s EURAU

Agora and AllUnity joined the stablecoin roster through euro-pegged tokens, while traditional finance player Jefferies managed stablecoin minting, conversions, and overall delivery for the IPO funds.

Ripple’s RLUSD Among Instruments Used

The use of Ripple’s RLUSD stablecoin on the XRP Ledger highlights its increasing utility in global finance. Bullish’s decision to include RLUSD signals confidence in the XRP Ledger’s speed, low fees, and growing compliance integration in line with U.S. and international regulations.

The XRP Ledger is engineered for fast, scalable payments, making it suitable for large financial operations like IPO settlements. Ripple’s presence in Bullish’s token collection strategy reinforces the network’s standing in the evolving stablecoin ecosystem.

Bullish Hits NYSE and Crypto Regulatory Framework Evolves

Just a week prior, Bullish shares began trading on the New York Stock Exchange, more than doubling from their IPO price. The IPO’s success provides a case study in how digital assets and decentralized financial instruments can seamlessly integrate with traditional markets.

This milestone also coincides with broader regulatory changes. The U.S. recently passed the GENIUS Act, setting a compliant framework for stablecoin use, which is further legitimizing the role of blockchain and crypto in macroeconomics. Binance, a major player in the crypto space, also received a $2 billion investment earlier this year in USD1 stablecoin from Abu Dhabi’s MGX Fund, showing that stablecoins are catching on globally.

Future of Stablecoins and the Role of XRP Ledger

“We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said David Bonanno, Chief Financial Officer at Bullish. He emphasized that the firm uses stablecoins—especially on networks like Solana—for fast and secure global fund movement.

The integration of Ripple’s RLUSD and the XRP Ledger in such a high-profile IPO suggests strategic positioning for XRP in broader financial applications. With blockchain gaining traction for real-time settlements and cross-border efficiency, XRP stands to benefit from continued market integration.

Illustration showing Bullish’s IPO supported entirely by stablecoins like RLUSD on the XRP Ledger.

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